Sheldahl Announces Organizational Changes Following Merger With IFT.Business Editors NORTHFIELD, Minn.--(BUSINESS WIRE)--Jan. 11, 2001 Company Creates Two Business Units to Simplify Operations and Increase Customer Focus; New Senior Executives Announced Sheldahl Inc. (Nasdaq:SHEL SHEL Significant Human Exposure Level SHEL Shore ELINT System ) today announced organizational changes following its recent merger with International Flex Technologies Inc. (IFT IFT Institute of Food Technologists IFT Institut für Fenstertechnik (German: Institute for Window Technology) IFT Illinois Federation of Teachers IFT Integrated Flight Test IFT Interfacial Tension IFT Institute for Tropospheric Research ). The Company said it will combine its Longmont, Colorado The City of Longmont is a home rule municipality located in Boulder County and Weld County, Colorado, United States. Longmont is the 13th most populous city in the State of Colorado. The word "Longmont" comes from Longs Peak, a prominent mountain named for explorer Stephen H. operation with the former IFT operation in Endicott, New York Endicott is a village in Broome County, New York, United States. The population was 13,038 at the 2000 census. The village is named after Henry B. Endicott, a founding member of the Endicott Johnson Corporation shoe manufacturing company, who founded the community as the "'Home of and will call the new business unit International Flex Technologies. The Company also announced that it has created a second business unit, which will be called Sheldahl Materials and Flex Interconnects (SMFI SMFI San Miguel Foods, Inc. SMFI Single-Mode Fiber Interface SMFI Strategic Management Forum of India SMFI Software Multilevel Fault Injection SMFI Sports Medicine Fitness Institute SMFI State Ministry for Integration SMFI School Management Foundation of Illinois ). Donald R. Friedman, in addition to his responsibilities as Sheldahl Chief Executive Officer, will become the acting President of IFT. In addition, William E. Offenberg has been appointed President of SMFI. With the resignation of Jill Burchill as Chief Financial Officer, Peter Duff Professor Peter Duff is Professor of Criminal Justice at the University of Aberdeen. He has a detailed knowledge of the Scottish criminal justice process on which he has published numerous works. has been named Vice President of Finance for Sheldahl. "The formation of these two business units will simplify our business, improve customer focus and strengthen our ability to execute in a timely manner," said Mr. Friedman. "We are also pleased to have executives of the stature and experience of Bill Offenberg and Peter Duff join the team. Their respective operating and financial expertise will be invaluable in guiding Sheldahl to an ever stronger position in the marketplace." Prior to joining Sheldahl, Mr. Offenberg served in a number of senior executive positions. He served as President and Chief Executive Officer of Gatan International, the world's leading manufacturer of digital imaging and analytical instrumentation for transmission electron microscopy “TEM” redirects here. For other uses, see TEM (disambiguation). Transmission electron microscopy (TEM) is an imaging technique whereby a beam of electrons is transmitted through a specimen, then an image is formed, magnified and directed to appear either . Previously, he was President of Spectra Physics, a leading manufacturer of chromatography systems. Peter Duff joined International Flex Technologies as Chief Financial Officer when the company was formed. Previously, Mr. Duff was Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Sunlite Casual Furniture, Executive Vice President of EJ Footwear, a U.S. Industries (USI) company, and was Group Chief Financial Officer for several other USI companies. SMFI produces specialty materials and flexible interconnect products for automotive, computer, telecommunications, aerospace and industrial companies worldwide. IFT produces fine-line flex circuits for leading edge electronics companies worldwide for use in consumer and business electronics products. About Sheldahl Sheldahl Inc. is a leading producer of high-density substrates, high quality flexible printed circuitry, and flexible laminates primarily for sale to the automotive electronics and data communications markets. The Company, which is headquartered in Northfield Minnesota, has operations in Northfield: Longmont, Colorado; Endicott, New York; South Dakota; Toronto, Ontario, Canada; and Chihuahua, Chih., Mexico. Sheldahl's Commons Stock trades on the Nasdaq National Market tier of the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the Symbol:SHEL. Sheldahl news and information can be found on the World Wide Web at http://www.sheldahl.com. The discussion above contains statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements by their nature involve substantial risks and uncertainties as described by Sheldahl's periodic filings. Actual results may differ materially depending on a variety of factors, including, but not limited to the following: the achievement of Sheldahl's projected operating results, the achievement of efficient volume production and related sales revenue results at Longmont, the ability of Sheldahl to integrate its Longmont operations with the former IFT operations. Additional information with respect to the risks and uncertainties faced by Sheldahl may be found in, and the prior discussion is qualified in its entirety by, the Risk Factors contained in the Company's filings with the Securities and Exchange Commission including Sheldahl's Annual Report, Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended September 1, 2000, and other SEC filings. Sheldahl does not undertake any obligation to update any such factors or to publicly announce developments or events relating to the matters described herein. |
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